This year, as with every year in the world of insurance, has already brought new technologies, business practices, and government regulations— all things that directly impact the insurance industry. If your company hasn’t kept an eye on insurance trends and doesn’t have a solid customer communications management platform, it may already be far behind its competitors in the field.
New platforms are bringing together leading technologies to enhance your business communications processes with a modern standard of efficiency, even optimizing them for regulatory compliance and industry best practices. Here’s a list of hot insurance trends, and how Customer Communications Management (CCM) applications play a role.
Believe it or not, 44% of customers prefer interacting with their insurance company through an app, or making payments by phone (a big number, considering most of those are younger customers, those with the greatest lifetime value).
Omnichannel communications via phone, email, and print, with automated support, have proven effective with early adopters of the latest communication technology. Larger legacy firms have already made significant strides toward increased print and digital presence with their customers.
57% of customers want more regular interaction with their insurance company. The industry is adapting in response, with models of automation and efficiency in the digital age.
Today, your company can be available 24/7. CCM enables you to trigger workflows based on the entirety of customer data it stores and cleans, promptly creating and delivering thousands of communications at a time, by various channels.
3. Bigger Data
New insurance trends give you the opportunity to collect enormous amounts of new customer data through the Internet of Things (IoT) — we see a growing number of ways to assess an insurance customer’s qualifications, from speed cameras, to how they interact with general household items.
Your fields will be populated with a wealth of new information from the IoT. Engagement solutions will not only clean up data, but from it generate bar graphs, scatterplots, and charts to find out where the average customer lies.
4. Process Management
Internal processes and structures are being streamlined for greater efficiency and revenue maximization. In most places, this looks a lot like “divide-and-conquer,” or workloads being segmented and distributed to different specialties (versus individuals multitasking).
CCM solutions facilitate both front and backend activity for digital and automatic communication, delivering a clear, stepwise paradigm for your IT staff, and an easy WYSIWYG interface for non-technical users.
Fallout from election cycles will always have some bearing on your customer interaction. The insurance industry is known to be heavily regulated, and standards can be more volatile when the government is busy. You need to ensure the language in your forms, policyholder documents, contracts, and notices adheres to standards which change year to year.
CCM provides features for certain users to review and approve content before moving on to the next stage of creation. It facilitates a wholly standardized correspondence with customers, eliminating whatever anxiety was once associated with these details. You can be sure you’re releasing the right documents, with the right content, at the right times.
The Latest Insurance Trends Make the Choice for CCM Software Clear
CCM software meets the needs for your insurance company to connect to crowds and individual audiences. All of these are of utmost importance to customer advocacy and revenue growth, a powerful triad for business success. CCM ensures that your business covers each of these fields, leading to maximum customer engagement and a better customer relationship.
Now is a great time to contact us here at Ecrion to learn how we can help your insurance business grow and succeed. Email us at firstname.lastname@example.org; give us a call at 1-866-418-3838; or simply fill out our contact form. We look forward to helping you on the path to better customer communications.